Chapter II Chapter II

11[(1) Every dealer who is engaged in business of sale of goods shall be liable to pay tax under this Act on his turnover of sales, until such liability ceases under sub-section (3): Provided that a dealer who was engaged in business of sale of goods before commencement of the Goa Value Added Tax (Second Amendment) Act, 2023 but was not liable to pay tax under section 3 and who has not obtained certificate of registration under subsection (3) of section 18, before such commencement, shall be liable to pay tax from the date of commencement of the Goa Value Added Tax (Second Amendment) Act, 2023 and he shall obtain a certificate of registration under section 18 within a period of

12[192 days] from the date of commencement of the Goa Value Added Tax (Second Amendment) Act, 2023]

13[(2) Every dealer who engages in a business of sale of goods after commencement of the Goa Value Added Tax (Second Amendment) Act, 2023 shall be liable to pay tax under this Act with effect from the date of his engagement in such business till his liability ceases under sub-section (3)]

1. (3) Every dealer who has become liable to pay tax under this Act, shall continue to be so liable until his registration is duly cancelled; and upon such cancellation his liability to pay tax, shall cease other than tax, already levied or leviable: 14[***] 15[***]
2. (4) Notwithstanding anything contained in any contract or any law for the time being in force, but subject to the provisions of this Act, any person covered by sub-clauses (a),
   • (b) and (c) of clause (k) of section 2 shall be liable to pay tax under this Act, whether or not the principal is a dealer and whether or not such principal is liable to pay tax under this section and whether or not the principals are disclosed.
3. (5) Liability of dealers registered under the Central Sales Tax Act, 1956 (Central Act 74 of 1956)— Every dealer shall, notwithstanding that he is not liable to pay tax under any of sub-sections (1) to (3) of section 3, be liable to pay tax under this Act so long as he is registered under the Central Sales Tax Act, 1956 (Central Act 74 of 1956), on all sales effected by him or on his behalf within Goa, on or after the date of his liability or the date of his registration, whichever is earlier, under the Central Sales Tax Act, 1956 (Central Act 74 of 1956): Provided that no tax shall be payable in respect of sales in any period prior to commencement of liability under this Act.
4. (6) Liability of exporters and dealers effecting stock transfers outside the State:— Every dealer exporting any goods outside India or effecting stock transfers to any States and Union territories within India, shall, notwithstanding that he is not liable to pay tax under any of sub-sections (1) to (3) of section 3, be liable to pay tax under this Act on all taxable sales effected within the State. 16[(9) Special liability of person organizing or conducting exhibition or event or programme.— Any person organizing or conducting exhibition or event or programme either for sale of goods or for promoting goods for sale, by providing stalls or space to other persons or dealers under the banner of specific name or otherwise or under a common roof or otherwise shall be liable to pay tax on all taxable sales effected by all such persons or dealers participating in such exhibition or event or programme other than the dealers who are already registered under this Act and self help groups participating in such exhibition or event or programme: Provided that no person shall be allowed to carry on such exhibition or event or programme without obtaining prior written permission of the Commissioner as per the procedure prescribed and payment in advance of estimated tax. The advance estimated

tax shall be adjusted towards the output tax liability payable by the person organizing or conducting exhibition or event or programme so conducted: Provided further that the owner of the property where the exhibition or event or programme is to be held, shall be jointly and severally liable to pay tax that may become due on sale of goods made in such exhibition or event or programme if he fails to inform the Commissioner about renting/leasing/letting out of his property, whether residential or commercial, or any open space, alongwith the details of dealer or person conducting the exhibition or event or programme as well as the conditions subject to which the said property is rented/leased/let out and any other relevant information.

Explanation:—

1. (1) Self Help Groups means Self Help Groups registered with the Rural Development Agency or with the Registrar of Co-operative Society or any other Government Department as Self Help Groups within the State of Goa and are selling goods manufactured by themselves.
2. (2) For the purpose of calculation of tax to be paid in advance, the stalls occupied by dealers holding valid registration under this Act, and the self help groups shall not be

prescribed manner.]

Subject to the provisions of this Act and of any rules or notifications, there shall be paid by every dealer or, as the case may be, every person who is liable to pay tax under this Act, the tax or taxes leviable in accordance with the provisions of this Act.

1. (1) Levy of Value Added Tax on Goods specified in the Schedule (Output Tax).- There shall be levied a Value Added Tax (output tax) on the turnover of sales of goods at rates hereinafter provided:
   • (a) In respect of goods specified in Schedule ‘A’, @ 1 paisa in a rupee.
   • (b) In respect of goods specified in Schedule ‘B’, @ 4 paise in a rupee.
   • (c) In respect of goods specified in Schedule ‘C’, at the rates shown against each of the entry.
   • (d) In respect of goods specified in Schedule ‘D’, exempt from tax.
   • (e) In the case of any other goods, at the rate of 12 / paise in a rupee.
2. (2) Zero Rate for Exports.— (a) When calculating the output tax in relation to any dealer, sale of goods in course of export outside the territory of India shall be deemed as taxable at the zero rate.
   • (b) The Government may, by notification published in the Official Gazette and subject to such terms and conditions as may be specified in this behalf, extend zero rate of tax for transactions effected from 17[Domestic Tariff Area] to Special Economic Zone or for 100% export oriented units or Software Technology Park units or Electronics Hardware Technology Park units or for any such manufacturing or processing units as it may deem fit.
3. (3) Rate of Tax on Packing Materials.— Where any goods are sold and such goods are packed in any materials, the tax shall be payable on the sales of such packing material, whether such materials are separately charged for or not, at the same rate of tax, if any, at which tax is payable on the sales of goods so packed.
4. (4) Amendment to the Schedule.— (i) The Government may, by notification in the Official Gazette,—
   • (a) reduce any rate of tax,
   • (b) enhance any rate of tax, and may, by like notification, 18[add to, or omit from, or otherwise amend any entry of, the Schedule] and thereupon the Schedule shall be deemed to have been amended accordingly.
     • (ii) Any notification issued under clause (i) shall take effect prospectively, either from the date of publication thereof in the Official Gazette or from such later date as may be mentioned therein.
     • (iii) The provisions contained in sub-section (4) of section 83 regarding rules made by the Government shall apply mutatis mutandis to any notification issued under clause (i), as they apply to rules made by the Government.

Notification in the Official Gazette, declare certain types or class of goods as industrial inputs for that dealer, in order to avail concessional rate of tax.]

1. (1) Tax collected under this Act on purchases made by specialized agencies of United Nations Organizations or Diplomatic Mission/Consulates or Embassies of any other country and their diplomats shall be reimbursed in such manner and subject to such conditions as may be prescribed.
2. (2) In respect of any goods not entitled for input tax credit and covered by Schedule ‘C’ appended hereto purchased within the State on payment of tax under this Act, the Government may subject to such conditions as it may impose, 20[by Notification in the Official Gazette, to take effect, either prospectively or retrospectively, from the date as

may be mentioned therein], exempt subsequent sales thereof from payment of output tax for such period as may be notified.

21[(3) In respect of any goods other than capital goods and such other goods as specified in Schedule ‘G’ appended to this Act, or in sub-section (2) of section 9, used in the manufacturing or processing of finished products dispatched other than by way of sales, the Government may, notwithstanding anything contained in section 9, by notification, allow input tax credit in excess of the rate of tax specified in sub-section (1)

of section 8 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) on such goods purchased within the State subject to such terms and conditions as may be specified in the notification.]

22[(4) Notwithstanding anything contained in sub-section (2), the Government may, in respect of any goods covered by Schedule “G” appended to this Act, by notification, exempt the sales inter-se dealers thereof, from levy and payment of output tax, when effected within the State, on such conditions as may be specified therein, and any such sales shall not be treated as “subsequent sale” as provided, in sub-section (2).]

operating on domestic sector on Aviation Turbine Fuel.— (1) The Government may, by notification in the Official Gazette, frame a scheme for refund of tax paid by tourists holding Indian or foreign passport or both on purchases made by them within the State.

1. (2) The Government may, by notification in the Official Gazette, frame a scheme for refund of tax paid by airlines operating on domestic sector on purchase of aviation turbine fuel.]

1. (1) Subject to such conditions and in such circumstances as may be prescribed, if any registered dealer, of the class specified in Schedule E, whose total turnover in the previous year does not exceed the limit specified in the said Schedule

and who is liable to pay tax under

24[sub-section (1), (2) and (3) of] section 3, so elects, the Commissioner may accept towards composition of tax, in lieu of the net amount of tax payable by him under this Act, during the year, an amount at the rate shown against respective class of dealers in the said Schedule calculated on total turnover, either in full or in instalments, as may be prescribed.

25[Provided that any dealer of the class specified in Schedule ‘E’ who is liable to pay tax under sub-sections (2) and (3) of section 3, may, at any time during the year, by making self declaration that his turnover of sales during the said year will not exceed the limit specified in the said Schedule ‘E’ apply for composition of tax under this section.]

26[(1A) In the event of transfer of business under any of the circumstances as provided under section 19, the total turnover for the purposes of sub-section (1) shall be the aggregate of the turnover of the transferor as well as the transferee during the year and the prescribed conditions, if any, shall be applicable with reference to such aggregate of the turnover.]

1. (2) Any dealer eligible for composition of tax under sub-section (1) shall not:—
   • (a) be permitted to claim any input tax credit on purchases and on stock held on the

appointed day or on the day from which he is held liable to pay tax under this Act or on the day on which his Registration Certificate is made valid, as the case may be;

1. (b) charge any tax under this Act in his sales bill or sales invoice in respect of sales made by him,
2. (c) issue tax invoice to any dealer who has purchased the goods from him.

N. B.:— Total turnover for the purposes of this section will include aggregate sales of taxable and non-taxable goods.

27[(3) Any dealer who is eligible for composition of tax under sub-section (1), fails to file return within the time prescribed, for the period for which composition is granted, he shall not be eligible for composition of tax for next one year: Provided that the Commissioner, upon an application made by such dealer to continue in the composition scheme, shall first determine the dealer’s liability for the preceding year within a period of 30 days from the date of such application. After payment of dues as determined by the Commissioner, the Commissioner may consider the said application and upon imposing a penalty of an amount equal to 10% of the tax so determined, by order in writing, permit the dealer to avail composition of tax.] 28[7. Composition of Tax— (1) Subject to such conditions and in such circumstances as may be prescribed, if any registered dealer, of the class specified in Schedule E, whose total turnover in the previous year does not exceed the limit specified in the said Schedule and who is liable to pay tax under sub-section (1), (2) and (3) of Section 3, so elects, the Commissioner may accept towards composition of tax, in lieu of the net amount of tax payable by him under this Act, an amount at the rate shown against respective class of dealers in the said Schedule calculated on total turnover, either in full or in instalments, as may be prescribed:

Provided that any dealer of the class specified in Schedule ‘E’ is liable to pay tax under sub- section (2) and (3) of Section 3, may, at any time during the year, by making self-declaration that his turnover of sales during the said year will not exceed the limit specified in the said Schedule ‘E’ apply for composition of tax under this section.

1. (2) In the event of transfer of business under any of the circumstances as provided under Section 19, the total turnover for the purposes of sub-section (1) shall be the aggregate of the turnover of the transferor as well as the transferee during the year and the

prescribed conditions, if any, shall be applicable with reference to such aggregate of the turnover.

1. (3) Any dealer eligible for composition of tax under sub-section (1) shall not:—
   • (a) be permitted to claim any input tax credit on purchases and on stock held on the

appointed day or on the day from which he is held liable to pay tax under this Act or on the day on which his Registration Certificate is made valid, as the case may be;

1. (b) charge any tax under this Act in his sales bill or sales invoice in respect of sales made by him;
2. (c) issue tax invoice to any dealer who has purchased the goods from him.

1. (4) The option of composition availed of by a registered dealer under sub-section (1) shall continue to be in force till the time dealer voluntarily opt out of composition scheme by making an application in writing and submitting the same to the registration authority

of such written application.

1. (5) The option of composition availed of by a registered dealer under sub-section (1) shall be automatically invalid with effect from the date from which the dealer ceases to be eligible to continue under the composition scheme due to his aggregate turnover during the financial year exceeding the limit specified under sub-section (1) or for violating any other eligibility conditions to continue under composition scheme.
2. (6) In case of dealer opting for composition for more than one class of business from those specified in schedule E, the turnover limit as specified in schedule E for each of the class of business shall be separately applicable for each class of business and the dealer shall be liable to maintain separate clear and legible accounts in respect of turnover of each such class of business.
3. (7) For the purposes of this section, the total turnover of a dealer shall be the turnover as defined under clause (am) of Section 2 of this Act and any turnover of goods under the ambit of the Goa Goods and Services Tax Act, 2017 (Goa Act No. 4 of 2017) shall not be taken into consideration while computing the total turnover.
4. (8) A registered dealer shall not be eligible to opt for composition under this section unless such dealer opts for composition for all types of businesses dealing with goods under this Act undertaken by him as one legal person in the State of Goa]

1. (1) Subject to provisions of section 9, the net tax payable by a registered dealer for a tax period shall be calculated according to the following formula:— A – B, Where,— A = total of the tax payable in respect of taxable turnover made by the registered dealer during the tax period; and B = total input tax credit allowed to the registered dealer for the tax period.
2. (2) Where the amount determined by the formula in sub-section (1) is a negative amount, the registered dealer may carry forward the amount to the next tax period as per provisions of section 10.
3. (3) Every registered dealer shall pay in full the net tax payable by him for the tax period at the time that dealer is required to file his return as may be prescribed.

1. (1) Subject to such conditions and restrictions as may be prescribed Input Tax Credit either partially or wholly shall be allowed for the tax paid

during the tax period in respect of goods including capital goods purchased and/or taken on hire or leased to him within Goa, other than those specified in Schedule ‘G’ and/or such other goods as may be notified from time to time by the Government, provided, the goods purchased are for resale in Goa or for sale in course of Inter State Trade or in course of export outside the territory of India or used by him as raw materials/capital goods in the manufacture or processing of taxable goods in Goa or for sale by transfer of right to use.

29[Provided that when any goods purchased in the State are subsequently sold at lower price than the purchase price, the excess of input tax credit over output tax credit in respect of such goods shall be refunded only on proper verification by the Assessing Authority, in the manner prescribed: Provided further that if the Assessing Authority has any doubt as to the genuineness of such claim, he shall refer to the Commissioner and the Commissioner shall decide the same by order in writing and after giving an opportunity of being heard to the dealer: Provided also that a dealer whose certificate of registration is suspended shall not be entitled to claim any input tax credit during the period of suspension of the certificate of registration: Provided also that a dealer who purchases goods from another dealer, whose certificate of registration is suspended, as notified in Official Gazette shall not be eligible for input tax credit on such purchases of goods made during the period of suspension of the certificate of registration.]

1. (2) No input tax credit under sub-section (1) shall be claimed or be allowed to a registered dealer:—
   • (i) in respect of goods purchased on payment of tax if such goods are not sold because of theft or destruction for any reason;
   • (ii) in respect of stock of goods remaining unsold at the time of closure of business;
   • (iii) in respect of any taxable goods under the Act purchased by him from another registered dealer for resale but given away by way of free samples or gifts; (iv)

30[in respect of capital goods/industrial inputs and packing materials], covered under Schedule ‘B’ of the Act, if said goods are utilized for the purposes other than those covered in the prescribed declaration;

1. (v) in respect of goods purchased from a dealer who has opted for composition of tax under sub-section (1) of section 7; (vi) 31[in respect of capital goods or capital assets ]:—

1. (a) purchased or paid prior to appointed day;
2. (b) capital expenditure incurred prior to the date of registration under this Act;
3. (c) capital goods not connected with the business of the dealer;
4. (d) capital goods used in the manufacture of goods or providing services which are not liable to tax under this Act;
5. (e) capital goods used in generation of energy/power including captive power;
6. (f) motor cars, its accessories and spare parts. 32[(vii) in respect of taxable goods sold within the State or in the course of inter-State trade or commerce within the meaning of section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956), exempted from payment of tax under any specific notification issued under this Act or under the said Central Sales Tax Act, 1956; 33[(viii) in respect of goods used in the manufacture or processing of finished goods dispatched other than by way of sales outside the State except in case of input tax credit claimed against entry tax paid under sub-section (6) of this section;] 34[(ix) in respect of purchase of motor vehicle including car, three wheeler and two wheeler under this Act or tax paid under the Goa Tax on Entry of Goods Act, 2000 (Act 14 of 2000) on import of such motor vehicle before grant of registration mark under the Motor Vehicles Act, 1988 (Central Act 58 of 1988 ), when such vehicle is resold as true value vehicle or otherwise by a registered dealer under this Act.
   • (x) in respect of raw material used in the manufacture of read mixed concrete;] 35[(xi) in respect of naptha and furnace oil used either as raw material or fuel by chemical fertilizer industry.] 36[(xii) ice cream, alcoholic beverages including beer and wine and non-alcoholic beverages including packed juice, aerated water and soft drinks served in party, factory or industrial canteens, clubs, or served by catered, for consumption at any place other than hotel/restaurant;
   • (xiii) condemned vehicles.]

1. (3) If goods purchased are intended for use specified under sub-section (1) and are subsequently used fully or partly, for purposes other than those specified under the said sub-section, or loss of goods arising out of theft or destruction for any reason or the stock

of goods remaining unsold at the time of closure of business, the input tax credit availed at the time of such purchase shall be reduced from the tax credit for the period during which the said utilization has taken place provided that if part of the goods purchased are utilized otherwise, the amount of reverse tax credit shall be proportionately calculated.

1. (4) Input tax credit shall be allowed to the registered dealer, subject to restrictions of

sub-section (2), in respect of tax charged to him by a registered seller on taxable sales of goods made to him for the purpose of the business within three months prior to the date of his registration provided that no input tax credit shall be allowed in respect of goods which have been sold or otherwise disposed of prior to the date of registration.

1. (5) (a) where a registered dealer has availed of the input credit on any goods and the same goods are not used in the course of his business, input tax credit so availed becomes repayable in the tax period following the date on which these goods were put to such other use;
   • (b) where such goods were wholly or mainly used or are intended for use in sale of taxable goods prior to change of use, tax shall be calculated on the prevailing market value of such goods at the time of change of use. 37[(6) Any registered dealer who has paid entry tax under the Goa Tax on Entry of Goods Act, 2000 (Goa Act 14 of 2000), either on raw material or on capital goods, other than on goods covered by Schedule ‘G’ and/or sub-section (2) of this section, brought by him into the local area for use or consumption in the manufacture or processing of goods within the State, shall be entitled for input tax credit under sub-section (1) of this section.] 38[Provided that in respect of finished products dispatched by way other than sales, the input tax credit on goods other than those covered by Schedule ‘G’ shall be to the extent it exceeds the rate specified under sub-section (1) of section 8 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956).]
2. (7) Balance unclaimed input tax credit of capital goods shall not be allowed in case of closure of business.
3. (8) The registered dealer shall be liable for input tax credit on stock held on the appointed day, towards the tax paid under the earlier law subject to such conditions as may be prescribed. The period and the date from which such input tax credit is to be apportioned shall be as notified.
4. (9) The deduction of input tax credit on capital goods under this section shall be allowed in two equal annual instalments after the close of the respective year as under:
   • (i) in case of existing units, upon installation of such capital goods, and
   • (ii) in case of new units, upon commencement of commercial production.

1. (1) Subject to the provisions of sub-section (2), if the input tax credit of a registered dealer, determined under section 9 of this Act for a period exceeds the tax liability for that period, the excess credit shall be set off against any outstanding tax, penalty or interest under this Act or earlier law 39[***] or under the Central Sales Tax Act, 1956 ( Central Act 74 of 1956 )]. 40[(2) After adjustment under sub-section (1), the excess input tax credit of a registered dealer other than those covered under sub-section (3), proportionate to the closing stock at the end of financial year, shall be reversed and such amount shall be carried forward to the succeeding financial year as input tax credit corresponding to the opening stock.] 41[(2A) After adjustment under sub-section (1) and (2) the excess input tax credit of a registered dealer other than those covered under sub-section (3) shall lapse.] 42[(2B) Notwithstanding anything contained in sub-sections (2) and (2A) after adjustment under sub-section (1), the excess of input tax credit as on the 30th day of June, 2017, in case of a dealer,—
   • (a) dealing in goods not covered under clause (p) of section 2, and (b) who has not applied for carry forward of unutilized/excess input tax credit by filing application under the provisions of section 140 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017) and the rules made thereunder, shall be refunded in the prescribed manner and subject to the following conditions:—
     • (i) dealer should have completed migration in accordance with section 139 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017);
     • (ii) he should have filed all returns in accordance with the provisions of sections 37, 38, 39 and 44 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017) for the period commencing from 1st July, 2017 till the date of submitting application for refund, as may be applicable; and
     • (iii) dealer should not have any outstanding liability towards payment of tax, cess, interest, late fee, penalty, etc. under the Goa Goods and Services Tax Act, 2017 (Goa Act

4 of 2017), the Central Goods and Services Tax Act, 2017 (Central Act 12 of 2017), the

Integrated Goods and Services Tax Act, 2017 (Central Act 13 of 2017) and the Goods and Services Tax (Compensation to States) Act, 2017 (Central Act 15 of 2017) as on the date of filing the application for refund claim under this subsection.] 43 [(2C) Notwithstanding anything contained in sub-sections (2), (2A) and (2B), after adjustment under sub-section (1), the excess of input tax credit, as determined in assessment or re-assessment or appeal or revision for any year upto the year ending on the 31st day of March, 2017, in case of a dealer,—

1. (a) dealing in goods not covered under clause (p) of section 2, and
2. (b) who has not applied for carry forward of unutilized/excess input tax credit by

in the prescribed manner and subject to the following conditions:—

1. (i) the dealer should have completed migration in accordance with section 139 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017);
2. (ii) he should have filed all returns in accordance with the provisions of sections 37, 38, 39 and 44 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017) for the period commencing from the 1st day of July, 2017 till the date of such order as referred in sub-clause (iv) of this clause;
3. (iii) the dealer should not have any outstanding liability towards payment of tax,

cess, interest, late fee, penalty, etc. under the Goa Goods and Services Tax Act, 2017

(Goa Act 4 of 2017), the Central Goods and Services Tax Act, 2017 (Central Act 12 of 2017), the Integrated Goods and Services Tax Act, 2017 (Central Act 13 of 2017) and the Goods and Services Tax (Compensation to States) Act, 2017 (Central Act 15 of 2017) as on the date of such order as referred in sub-clause (iv) of this clause;

1. (iv) such excess input tax credit determined is a result of,-

1. (a) assessment made in consequence of or to give effect to, any order of a Sanctioning Authority or Appellate Authority or Revisional Authority or of a Court;
2. (b) order of an Appellate Authority or Revisional Authority or Sanctioning Authority or of a Court;
   • (v) the dealer is assessed or re-assessed for all the subsequent years, from the year in which he has the excess input tax credit upto the year ending on the 31st day of March, 2017, before grant of such refund; and the dealer should not have claimed refund under sub-section (2B) of this section.]

1. (3) In case of exporter selling goods outside the territory of India, the excess input tax credit, if any, admissible as per provision of this Act, proportionate to the goods exported and carried over at the end of any quarter 44[shall upon an application made by such exporter be refunded in such manner within a period of ninety days from the date of the sanction order of such authority, as prescribed].
2. (4) Notwithstanding anything contained in sub-section (2), the

Government may allow, carry forward of excess input tax credit, if any, to such shorter period and grant refund of unadjusted portion thereof in respect of such goods to such registered dealer on such conditions and at such proportion as may be specified by the Notification in the Official Gazette.

45[ ]

1. (1) A registered dealer making taxable sale to another registered dealer shall provide registered dealer, at the time of sale, with an original tax invoice (as described in Schedule ‘F’ hereto) for the sale and shall retain one copy thereof.
2. (2) An original tax invoice should not be provided to a registered dealer in any circumstances other than those specified in sub-section (1), but a copy marked as duplicate may be provided if such registered dealer receiving the original invoice so

request for the reason that the original has been lost. A statement showing the details of such duplicate invoices issued shall be submitted alongwith the returns provided under section 24.

1. (3) Every taxable person other than one covered by sub-section (1) shall issue bill or cash memorandum in such form and with such details, of tax collected, if any, as may be prescribed, for every sale involving an amount not less than 46[Rs. 250/-] Provided, however, that when sale price for sale in any one transaction is below 47[Rs. 250/-], the taxable person may, except when demanded by a customer, refrain from issuing a sale bill or cash memorandum as aforesaid but shall instead prepare a consolidate sale bill or cash memorandum at the close of the day in respect of such sales by recording them separately as and when they are effected.

1. (1) Where a tax invoice has been issued and the amount shown as tax charged in that tax invoice exceeds the tax properly chargeable in respect of the sale, the taxable person making the sale shall provide the recipient of the sale with a credit note containing the requisite particulars as specified in Schedule ‘F’ hereto.
2. (2) Where a tax invoice has been issued and the tax properly chargeable in respect of

requisite particulars as specified in Schedule ‘F’ hereto.

48[(3) In case of goods returned or rejected by the purchaser, either a credit note or a written acknowledgement shall be issued by the selling dealer to the purchaser for having received the goods from the purchaser and a debit note shall be issued by the purchaser to the selling dealer containing particulars of the transaction as may be prescribed: Provided that no such credit note or a written acknowledgement and/or debit note shall be considered for grant of input tax credit if the goods are returned or rejected beyond the period of six months.]